18741. Indiana County Deposit Bank (Indiana, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 1, 1890
Location
Indiana, Pennsylvania (40.621, -79.153)

Metadata

Model
gpt-5-mini
Short Digest
64ed8515

Response Measures

None

Description

Bank suspended on Dec 1, 1890 after the failure of correspondent/stockholder B. K. Jamison & Co. (missing railroad shares and cash). No clear isolated misinformation-caused run is described; depositors were anxious and gathered, but the institution formally suspended for a few days to realize securities and then resumed Dec 4 after Judge Harry White placed about $50,000 in cash. Classified as suspension_reopening.

Events (2)

1. December 1, 1890 Suspension
Cause
Correspondent
Cause Details
Suspension triggered by the failure of B. K. Jamison & Co., which held bank assets (500 shares Pennsylvania Railroad stock and $20,000 cash) that could not be recovered, producing a shortage of available funds.
Newspaper Excerpt
the Deposit Bank ... closed its doors to-day ... the bank posted a note on the door that business would be suspended for a few days.
Source
newspapers
2. December 4, 1890 Reopening
Newspaper Excerpt
Judge Harry White ... placed in the hands of the paying teller ... nearly $50,000 in currency. The bank resumed business to-day in every branch. Every check has been paid.
Source
newspapers

Newspaper Articles (7)

Article from Pittsburg Dispatch, December 2, 1890

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STILL ANOTHER FAILURE. The Deposit Bank of Indiana Closes Its Doors Temporarily. ISPECIAL TELEGRAM TO THE DISPATON.! INDIANA. Dec. 1.-The Deposit Bank, of this place, closed its doors to-day. B. K. Jamison and William Stewart, the principal members of the Philadelphia banking house of B. K. Jamison & Co., were stockholders in the Indiana County Deposit Bank, and upon the failure of Jamison & Co. the Deposit Bank had with them 500 shares of Pennsylvania Railroad stock. valued at $25,000, and $20,000 in cash to meet all checks. Judge White. who is the owner of $44.000 of the $100,000 capital stock of the Deposit Bank, went to Philadelphia on Friday and returned here last night. He failed to receive the railroad shares or any part of the $20,000 surplus, and was offered in Kemble's Bank Exchange four Government 4 per cent Clearing House certificates. This morning the available money in the Deposit Bank was $6,900. The bank posted a note on the door that business would be suspended for a few days. Subsequently Judge White made 3 statement to the throng of depositors and stockholders in the street that the bank would pay dollar for dollar in a few days.


Article from The Morning News, December 2, 1890

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SCARCITY OF THE DOLLAR RUMORS ABOUT A PHILADELPHIA BANK START A RUN. The City a Depositor to the Extent of $400,000-Every Demand Met So Far, and the Officers Claim olvency. Another Bank Embarrassed by the Jamison Failure. PHILADELPHIA, PA., Dec. 1.-For some past rum affecti g the credit of a natio al bank have been freely circulated on the street, and Saturday afternoon the papers printed rumors without giving the name of the bank. To-day these rumors crystallized and the Keystone Natio al Bank was openly stated as being the bank in trouble. Accordingly, when the bank opened its doors to-day a longline of depositors began to gather, and soon a heavy run was being made on t.e bank. As the day advanced the crowd grew greater, and by afternoon from three to four hundred people were strung out around the paying teller's win dow, awaiting their turn to receive their money. S) far every check that has been presented has been paid. Preside t Marsh and Cachier Hayes say that t e bank is perfec ly able 10 meet every demand made upon it. a di that its assets are largely in exc.ss of its liabilities. THE LARGEST DEPOSITOR. The largest deposit r of the bank is the city of Philadelphia, which has a balance there of nearly $400,000. This money, which, if withdrawn, might cause the bank someemb rrassment. will be allowed to remain on deposit. City Treasurer Bardsley said this afternoon that he would not withdraw the mo ey, as, the officers of the be nk having as ured him of its solvency, he considered it his duty to support the bank as far as possible. When 3 o'clock c me and the ors were closed, 200 depositors were inside the building, an quite a crowd was outside. Cashier Hayes said that the amount paid out du ing the day aggregated about $350,000. The ba k's deposits average, it is said, $1,200,000. Bank Examiner Drew says the bank is perfectly sound. A gentlem in familiar with the b nk's affairs stated that It hasabout $1,000,000 in discounts. SHAKEN UP BY JAMISON. INDIANA. PA., Dec. 1.-The suspension of B. K. Jamison & Co. on Friday caused a fina cial flu ry here, especially among the depositors of the Indiana Deposit Bank, Mr. Jamison and William M. Stewart and a Philadelphia firm being shareholders and correspondents of the Deposit bank. The Deposit bank issued $100.000 worth of stock. of which Judge Harry White vns $47,000. The Jamis ns held 500 shares of Pennsylvani milroad stock and $20,000 cash belonging to the Deposit ba ik on Friday. Judge White spent Saturday in Philadelphia, but wasunable to recover any trace of the shares or currency, and returned ho Sunday. The mornt g the deposito S were at the bank, but a no ice infor ned them that the instit tion W uld, not open fora few days. Judge White ma e a statement from the bank steps, saving that the ba ik was so:vent, would pay dollar for dollar, and he himself c uld pay the entire lebted less withoutd stu bing his real e tate. and that all he wanted was time 0 ough to turn t e bank's securi ies into money. The deposits aggregate 141,000. Th, heaviest depositors are the county officers. WHOLESALERS GO UNDER. BOSTON, MASS., D c. 1.-Messrs. Winslow & Watson, wh lesale dealers in teas, c offee and spices at No. 197 State street, have assigned O Otis Weld of J. D. & M. Williams. Mr. Wi slow savs he has no idea of the amount of the liabilities and askets. He says the imme liate cause of the failure is the stringency in the money market. STOCKBROKERS ASSIGN. NEW YORK, Dec. Arthu & Ketcham, stock brokers. to-day assigne. to Coarles A. Demerritt. Th fir n say their assignment is an echo of their troubles last year. They suspended the and resumed. but the recent unsettled condition of business has crippled them SO they could not live u to the a tre ment under which they resumed business after the last failure. AT H ATeR.


Article from Richmond Dispatch, December 2, 1890

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FINANCIAL FLURRY. A Pennsylvania Country Town Bank Embarrassed by the Jamison Failure. (By telegraph to the Dispatch.1 INDIANA, PA., December 1,-The suspension of B. K. Jamison & Co. Friday caused a financial flurry here, especially among the depositors of the Indiana Deposit Bank, Jamison and William M. Stewart, of the Philadelphia firm, being shareholders and correspondents of the Deposit. The bank issued $100,000 in stock, of which Judge Harry White owns $47,000. The Jamisons held 5,000 shares of Pennsylvania railroad stock and $20,000 cash belonging to the Deposit Bank on Friday. Judge White spent Saturday in Philadelphia, but was unable to discover 8 trace of the shares or currency and returned home Sunday. This morning depositors were at the bank, but a notice informed them that the institution would not open for a few days. Judge White made a statement from the bank steps, saying that the bank was solvent, would pay dollar for dollar, and that he himself could pay its entire indebtedness without disturbing his real estate, and that all he wanted was time enough to turn the bank's securities into money. The deposits aggregate $141,000. The heaviest depositors are the county officers.


Article from St. Paul Daily Globe, December 2, 1890

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PERFECTLY SOLVENT, But Suspends in Order to Realize on Securities. Indiana, Pa., Dec. 1.-The suspension of B. K. Jamison & Co. on Friday caused a financial flurry here. and especially among depositors of the Indiana Deposit bank, Mr. Jamison and William M. Stewart, of the Philadelphia firm, being shareholders and correspondents of the Deposit bank. The Deposit bank capital IS $10 :000, of which Judge Harry White owns $44,0 0. The Jamisons held 500 shares of Pennsylvania railroad stock and $20,000 cash belonging to the Deposit bank Friday. Judge White spent Saturday in Philadelphia, but was unable to recover the railroad shares or currency, and returned home on sunday. This morning anxious depositors were at the door of the bank, but a notice informed them that the institution would not open for a few days. Judge White made a statement from the bank steps, saying that the bank was solvent, would pay dollar for dollar, and that be himself could pay the entire indebtedness of the institution, without disturbing his real estate, and that all he wanted was time to thrn the bank securities into money. The heaviest depositors are County Treasurer Luckhart. $6,000; Sheriff Mack, $4. 00; Recorder MeGregor, $3,00 and Prothonotary Scott, $4.500. These officials and other depositors express perfect confidence in the speedy resumption of the bank and its entire ability to pay off depositors in full. The other two banks here are All right, and at this hour complete confidence is established.


Article from The Cambria Freeman, December 5, 1890

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LOCAL AND PERSON -Cash paid for wheat and buckwheat at the Ebensburg Flour Mills of Driggs Bros. -Col. John S. Miller, formerly landlord of the Blair House, in this place, spent a few days in town during the present week. -About two inches of snow fell on Wednesday night, and along with W hat had previously fallen gives us pretty fair sleighiDg. -Messrs. Driggs Bros. are putting In two new rolls in their grist mill In this place, in addition to the new machinery put in some time ago. -Rupture cure guaranteed by Dr. J. B. Mayer, 831 Arch St., Philadelphia, Pa. Ease stonce, no operation or delay from business, attested by thousands of cures after others fall. -The Concert Roller organ at Carl Rivinius store is an instrument which every family ought to have. It is strong and will last & fatime. A child can set it and play t with ease. -Mr. Enoch Short of Carroll township, who has been absent for some time past at McKeesport. Pa., where be Is working at bridge work, passed through this place on his way home on Thursday. -For sale. One of the cosiest six-room bouses with lot 140x160 feet, having all necessary outbuildings, etc., and all in good repair. Will be sold cheap. Call on or address the editor of the FREEMAN. -We have a speedy and positive Cure for Catarrb, Diphtheria, Canker Mouth, and Headache. in Shiloh's Catarrh Remedy. A Nasal Injector free with each bottle. Use $ If you desire health and sweet breath. -Mr. Frank Gurley, of this place, has res moved with his family to Charleston, South Carolina. where he has accepted a position as clerk for a contractor on some government work that will last a couple of years. -Several loads of very superior timothy hay have been brought to town by Mr. J. J. Kaylor. The hay can be seen at the stable of Mr. Langbien, any orders left with that gentleman will be promptly filled at lowest rates. -Furs urs!-Hunters and others should remember that G. L. Fredericks, of this place, pays the highest cash price for otter. mink. red fox, grey fox, raccoon skunk, opposum and muskrat furs and skins. -J. H. Topper, a fireman on the Pennsylvania raliroad, whose home was at Derry, was almost instantly killed at Altoona 00 Saturday last. by being caught between mengine and a train of cars while making scoupling -George Hufnagle, of Barr township, Indieted for the murder of young Burke in that township some time ago, on Wednesday entered late recognizance in the sum of $6,000 for his appearance at March court. -Robert Johnston, aged about 80 years. formerly of Allegheny township, who has been an inmate of the Almshouse for several years post, died at that institution on last Sunday morning. In the days of the "old canal" the deceased was a boatman -It will very much expedite the open10g of the banking house of Johnston Buck & Co., if any of the creditors who happen to be visiting Ebensburg will call at the bank and sign the paper granting the extension. instead of waiting to be called upon. -On Wednesday night of last week, the large frame barn of Jacob Kemerer, in Franklin township. Westmoreland county, was destroyed by fire, including five head of horses, seven head of cows, a clover puller, fodder cutter, wheat, oats, corn, mows full of hay etc. The stock was all fine bred and valuable. one horse, Burton Prince, being an imported one and valued at $2,000. -Mr. John B. Hopfer, of Carroll township, residing 7 miles north of Ebensburg. on the old plank road, will sell at public at his residence on Tuesday December 16th 1890, at 10 o'clock A. M. 4 work horses; 3cows yearlings, 5 bead of sheep, 1-twohorse sted, 2 plows 2 sets of heavy harness Ifanning mill, 1 fodder cutter, 1 cutting box and large lot of other articles too numerous to mention. -Michael Dooley, who was consideras bly under the influence of liquor at the time, while eating supper at John Arms strong's restaurant in Johnstown, on Monday evening chocked to death from a piece of meat lodging in bis windpipe. The reased was about fifty years of age, bad been a resident of Johnstown, for some-eight or nine years and leaves a wife And several children in Wales. -David L. Goodman, employed as a switchman at the east end of the Altoona yard was struck by the locomotive of second section of Pacific Express on WedDesdas morning and was instantly killed. The deceased met his death in attempting to save his little -year-old son from be10g struck by the cars. The boy was crossing the track when the father, seeing his danger. started for him and was killed. The boy escaped. -The Indiana Deposit Bank, of Indiana, suspended payment on Monday, owing to the failure of B. K. Jamison & Co., of Philadelphia. The Deposit Bank has a capital of $100,000 of which Judge Harry White. owns $44 000. Judge White made astatement from the bank steps, saying that the bank was solvent, would pay dolarfor dollar. and he himself could pay the entire indebtedness of the institution with. out disturbing his real estate, and that all be wanted was time enough to turn the bank securities into money. -Mr. Evan Griffith, a well-known and respected citizen of Lilly, died at his home mibat place, on Sunday last, in the 67th year of his age. The deceased was a brother of Edward Griffith, of this place, William Griffith, of Putnam county, Ohio, John Griffith of Clearfield county, and Mrs. Sarah Davis. of Wilkesbarre. For a numDer of years the deceased was a resident of and during the term of office of ErSheriff Griffith. deceased was the warall He was highly esteemed by who alm knew him. He leaves to survive widow and six daughters, Lizzie wife of William Baxter, of Red Oak, Iowa, Mollte, Sallie wife of J G. Lloyd, of Ebensburg Mattie wite of - Shaffer, of Altoona, of Kirby, of Summerhill Downship, and Millie and Hattle who are angle and at home. -Mr. Carl Rivinius wishes to inform the public that he has taken the agency in this


Article from Pittsburg Dispatch, December 5, 1890

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Tri-State Brevities. AN epidemic of smallpox is feared at Findlay. AN effort to find gas will probably be made at New Castle. THE cold wave closed navigation on the Schuylkill Canal. THE Board of Mine Boss Examiners is in session at Johnstown. THE epidemic of scarlet fever at Mahonington is passing away. THE trial of John Dean, who maltreated Mrs. Merkett at McClellandtown, begins to-day. H. K. CRAIG, late Democratic candidate for Congress, will probably contest Mr. Stewart's election. THE Indiana County Deposit Bank at Indiana, Pa., has successfully weathered the financial gale. EXECUTIONS amounting to $6,000 have been issued against the Ohio River and Lake Erie Railroad Company. REV. W. R. COVERT, who was suspended by the Jr. O. U. A. M., of Stonerville, for a period of ten years, will prosecute the council. GEORGE C. STALEY, a Pennsylvania Railroad brakeman, fell from his train, near the Gallitzin tunnel yesterday, and was killed. BEAVER FALLS Councils are having trouble with the electric lighting company over an alleged shortage of candle power furnished. THE Luzerne County Democratic Committee threatens to expel all bolters who contribute to the defeat of John B. Reynolds for Congress. SOME one unlocked the door of the United States Express office at Zanesville Wednesday night and stole a satchel filled with valuable packages. Loss unknown outside the office.


Article from The Sun, December 5, 1890

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A Suspended Bank Resumes Business. INDIANA. Pa., Dec. 4.-Judge Harry White, who owns nearly one-half of the capital stock of the Indiana County Deposit Bank. which suspended on Monday. returned from Philadelphia to-day and placed in the hands of the paying teller of the bank nearly $50,000 in currency. The bank resumed business to-day in every branch. Every check has been paid. no depositor has lost a dollar. and the financial flurry following the B. K. Jamison failure is over.